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Technical Rally

Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

  • The chart shows that the post Fed minutes low held.
  • In the Morning Capsule, we wrote,

Our very, very short-term early stock market indicator is negative but may quickly flip based on speeches by several Fed officials today. 

  • The chart shows that our very very short term call was spot on. The market was initially negative and then flipped based on speeches by Fed officials.